Nacchio to save $7.4 million in forfeitures

UPDATE: (01-13-2010) So Nacchio’s attorneys are arguing that his combined forfeiture and fines should not exceed $3.6 million $5.4 million ($3.6 million in fines plus $1.8 million in forfeitures) and that his sentence should be as short as six months. That’s based on a sentencing statement filed late Tuesday.
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In addition to receiving a six-year prison term, former Qwest chief Joe Nacchio was ordered to forfeit the $52 million in ill-gotten gains for his insider trading conviction.

As part of a resentencing ordered by the 10th Circuit Court of Appeals, prosecutors and Nacchio’s attorneys now agree that the forfeiture amount should be cut to $44.6 million. The new figure takes into account stock-option fees and other costs. It doesn’t factor in taxes paid.

Here is the agreement that was filed in court today, with a breakdown of the proceeds for each of the 19 counts on which he was convicted. U.S. District Judge Marcia Krieger still has to approve the new forfeiture amount.

Nacchio was also ordered to pay $19 million fines – $1 million per count – a figure that is not under review.

By the way, Nacchio’s last pending appeal of the conviction was rejected today.